Dissolution of the Board

(1) The Government, if it is satisfied that in public interest it is necessary so to do, may, by notification in the Official Gazette, dissolve the Board with effect from such date as it may specify and the Board shall stand dissolved accordingly. (2) On the dissolution of the Board under sub-section (1):- (a) all properties funds, interest and rights which vest in the Board shall vest in the Government and (b) all liabilities enforceable against the Board shall be enforceable against the Government. (3) Nothing in this section shall affect the liability of the Government in respect of loans or debentures guaranteed under section 30. (4) Every notification made under sub-section (1) shall be laid before the House of the State Legislature as soon as may be.